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2014 (2) TMI 948 - SC - Income TaxApplicability of section 240 - Refund on appeal – Block assessment - Whether the HC was correct in holding that Section 240 of the Act is not applicable to Chapter XIV B of the Act and the taxes paid pursuant to the return filed in the block assessment is liable to be refunded to the block assessment proceedings, especially in view of Section 158BH of the Act – Held that:- The decision in Commissioner of Income-Tax Versus Shelly Products And Another [2003 (5) TMI 4 - SUPREME Court] followed - the assessee was only entitled to the refund of tax paid in excess of the tax chargeable on the total income returned by the assessee. - Decided in favour of revenue.
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